Bill Text: HI SB2531 | 2018 | Regular Session | Amended
Bill Title: Relating To The Issuance Of Special Purpose Revenue Bonds To Assist With Sprinkler Retrofits.
Spectrum: Partisan Bill (Democrat 7-0)
Status: (Engrossed - Dead) 2018-03-19 - Passed Second Reading and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) Choy, DeCoite, Har, Souki excused (4). [SB2531 Detail]
Download: Hawaii-2018-SB2531-Amended.html
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THE SENATE |
S.B. NO. |
2531 |
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TWENTY-NINTH LEGISLATURE, 2018 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST WITH SPRINKLER RETROFITS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that the July 14, 2017, fire at the Marco Polo condominium makes it clear that certain older apartment complexes need to be retrofitted with sprinkler systems. There has been some consideration to make sprinkler systems mandatory in older complexes above a certain height; however, property owners and renters who have small or fixed incomes will be unable to carry the financial burden that comes with retrofitting some of these complexes.
The purpose of this Act is to authorize the issuance of special purpose revenue bonds to assist in the retrofitting of low- and moderate-income apartment complexes with sprinkler systems.
The legislature finds and declares that the issuance of special purpose revenue bonds under this Act is in the public interest and for the public health, safety, and general welfare.
SECTION 2. Pursuant to part IX, chapter 39A, Hawaii Revised Statutes, the department of budget and finance, with the approval of the governor, is authorized to issue special purpose revenue bonds in a total amount not to exceed $ , in one or more series for the purpose of assisting not-for-profit private organizations, for-profit organizations, and public instrumentalities in retrofitting older apartment complexes for low- and moderate-income households with sprinkler systems. The legislature hereby finds and determines that retrofitting sprinkler systems in low- and moderate-income apartment complexes constitute a project as defined in part IX, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to not-for-profit private organizations, for-profit private organizations, and public instrumentalities and their qualified affiliates in the development of low- and moderate-income housing.
SECTION 3. The special purpose revenue bonds and the refunding special purpose revenue bonds issued under this Act shall be issued pursuant to part IX, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist not-for-profit private organizations, for-profit private organizations, and public instrumentalities and their qualified affiliates in the development of low- and moderate-income housing.
SECTION 4. The department of budget and finance is authorized, from time to time, including times subsequent to June 30, 2023, to issue special purpose revenue bonds in whatever principal amounts the department shall determine to be necessary to refund the special purpose revenue bonds authorized in section 2 and to refund special purpose revenue bonds authorized in this section, regardless of whether the outstanding special purpose revenue bonds or refunding special purpose revenue bonds have matured or are the subject of redemption or whether the refunding special purpose revenue bonds shall be bonds for the multi-project programs described in section 2. In making this determination, the department shall comply with federal law relating to the exemption from federal income taxation of the interest on bonds of the nature authorized by this section.
SECTION 5. The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2023.
SECTION 6. This Act shall take effect on July 1, 2050.
Report Title:
Special Purpose Revenue Bonds; Sprinkler Retrofit
Description:
Authorizes the issuance of special purpose revenue bonds to assist not-for-profit private organizations, for-profit private organizations, and public instrumentalities in the retrofitting of low- and moderate-income apartment complexes with sprinkler systems. Effective 7/1/2050. (SD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
